Trustees of Series Q v. Commissioner
United States Tax Court
The business and assets of the insolvent New York Title & Mortgage Co., which had sold over $ 700,000,000 face value guaranteed first mortgage certificates in series, each series being secured by a mortgage or mortgages, were taken over in 1933 by the Superintendent of Insurance of New York as statutory receiver.
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The business and assets of the insolvent New York Title & Mortgage Co., which had sold over $ 700,000,000 face value guaranteed first mortgage certificates in series, each series being secured by a mortgage or mortgages, were taken over in 1933 by the Superintendent of Insurance of New York as statutory receiver. Under the Schackno Act (legislation enacted to alleviate economic disaster and to protect the great number of certificate holders of title and mortgage companies in financial difficulties) series Q and series F-1 trusts were in 1935, with the consent of certificate holders, created…
1Opinion of the Court
OPINION.
Stf.bnhaoen. Judge".
1. The Commissioner determined that each of the petitioners was “a strict trust,” taxable upon “the portion of the income which was not distributed to the Beneficiaries.” The petitioners con lest this, and each contends that it is in the nature of a receiver of a part of the assets of an insolvent corporation and therefore not taxable. This is their first and main point, the other points being staled in the alternative in the event that petitioners are held to be taxable entities. The respondent does not argue the question whether petitioners are receivers, but,…
2Cases cited4 opinions
- Douglas v. WillcutsSupreme Court of the United States · 1935
- Matter of People (Tit. Mtge. Guar. Co.)New York Court of Appeals · 1934
- Heller v. CommissionerUnited States Tax Court · 1943
- In re the Rehabilitation of New York Title & Mortgage Co.New York Supreme Court · 1937
3Cited by1 opinion
- Trustees of Series Q v. CommissionerUnited States Tax Court · 1943